Chimera Investment Corporation Sponsors Four Residential Mortgage Loan Securitizations and Retires Loan and Related Warrants
Chimera Investment Corporation (NYSE:CIM) announced two significant securitizations on March 25, 2021, totaling approximately $1.74 billion. The CIM 2021-R2 securitization is valued at $1.5 billion, while CIM 2021-NR2 is approximately $240.4 million. Both securitizations involved seasoned residential mortgage loans, with CIM retaining subordinate interests worth $224.6 million and $60.1 million respectively. The weighted average cost of debt for these securitizations is notably lower at 2.24%, compared to 4.22% for prior ones. Additionally, Chimera retired a $400 million loan, further strengthening its financial position.
- CIM 2021-R2 securitization total of $1.5 billion and CIM 2021-NR2 of approximately $240.4 million reflect strong market activity.
- CIM retained subordinate interests totaling $224.6 million and $60.1 million, indicating confidence in their investments.
- Expected weighted average cost of debt at 2.24% is significantly lower than the 4.22% from prior securitizations, reducing future interest expenses.
- Paid off a $400 million loan, improving balance sheet strength.
- None.
On March 25, 2021, Chimera Investment Corporation (NYSE:CIM) sponsored CIM 2021-R2, a
Securities issued by CIM 2021-R2, with an aggregate balance of approximately
Securities issued by CIM 2021-NR2, with an aggregate balance of approximately
Chimera’s expected weighted average cost of debt of these two securitizations is
In addition, Chimera sponsored two prime jumbo securitizations,
Lastly, on March 26, 2021, Chimera paid off a
Disclaimer
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
About Chimera Investment Corporation
We are a publicly traded REIT that is primarily engaged in the business of investing, on a leveraged basis, in a diversified portfolio of real estate assets, including mortgage loans, Non-Agency RMBS, Agency CMBS, Agency RMBS, and other real estate assets.
Please visit www.chimerareit.com for additional information about the Company.
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FAQ
What are the details of Chimera's new securitizations as of March 2021?
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